Posts Tagged ‘Property Division in Mississippi Divorce Cases’

Property Division in Mississippi Divorce Cases

Wednesday, March 12th, 2014

One major aspect of any Mississippi divorce is the division of the couple’s property. Sometimes, a couple will decide on their own how to divide their property. Other times, the couple leaves the task of dividing property up to the Chancery Court. One thing which it is important to remember is that for the purpose of divorce, property includes both debts and assets. Also, there are two types of property, marital property and separate property. In a Mississippi divorce case, marital property is divided equitably between the parties.

The first step in the process of figuring out which spouse will get which property is deciding what items in the parties’ possession are marital property, and which are separate property.  Normally, most property is marital property, because marital property includes all things that the parties acquired during a marriage. It even includes property which was brought into the marriage by one of the spouses or inherited by one of the spouses if that property has been shared with or used by others in the family. For an item to truly be considered separate property it must not only have been brought into the marriage or inherited by one party, it must also have been kept separate throughout the course of the marriage.

Once the property has been classified as marital and separate, the Chancery Court will divide it in an equitable manner. It is important to note that equitable does not necessarily mean equal. Also, the equitable distribution takes into account whether either spouse has any separate property, and how much they have. The spouses’ personal and financial contributions to the marriage and the family are considered, in order to recognize that both economic and noneconomic activities are essential to a marriage, home, and family. Interestingly enough, the Chancery Court also tries to divide property in such a way that transactions which could prove difficult in the future, such as payments from one party to the other, are avoided as much as possible, in favor of a property distribution that makes things as final as possible upon the finalization of the divorce.

In many cases, once the couple’s property is equitably divided, each party will have the resources that they need in order to support themselves. If one of the parties will have less than they need, the Chancery Court may order the other party to pay alimony. An award of alimony has multiple components, including the amount of the payments, how often the payments will be made, and for how long payments will be made.

While the Chancery Court will divide property when a couple is unable to agree about how to do it on their own, it is also responsible for examining and either approving or disapproving the property settlements which couples propose as part of their divorce settlements. Since you and your soon to be former spouse know better than anyone else which items are most important to each of you, and what division of property would make the most sense for both of you, it is worth your while to try to reach an agreement on the issue of property distribution. Any such agreement is likely to leave both of you happier than a distribution which is made by the Chancery Court.

Jackson area attorney Matthew S. Poole is an experienced divorce attorney with unmatched skill in negotiation and a proven track record for achieving favorable settlements.  Matthew strives to help each of his clients obtain their divorce as quickly and painlessly as possible.  To this end, Matthew will work with you to resolve your divorce case in a way that will leave you emotionally and financially ready for your new post-divorce life.  Call Matthew today at (601) 573-7429 to schedule a free initial consultation.